EW Edwards Lifesciences Corp

Edwards Lifesciences Corp. again raised its 2016 guidance as strong sales of the medical device maker's nonsurgical heart valves drove better-than-expected profit and revenue for the first quarter.

The devices, known as transcatheter heart valves, provide an alternative option for elderly patients who are considered at high risk of complications in open-heart surgery. Sales of the nonsurgical valves have continued to beat expectations despite increased competition.

For the year, the Irvine, Calif., company again raised its per-share earnings estimate to $2.67 and $2.77 and revenue guidance to $2.7 and $3 billion, from its previous estimate for per-share profit of $2.57 to $2.67 and revenue of $2.6 billion and $2.85 billion.

Edwards said the raised guidance reflects strong momentum in the first quarter, along with expectations for an earlier-than-anticipated expansion of access to its Sapien 3 heart value in the U.S., as well as positive currency effects.

Earlier this month, Edwards released data indicating that its Sapien 3 valve wasn't inferior to open heart surgery and it some cases was better. The positive data could pave the way for a quicker Food and Drug Administration approval for Sapien 3's use in intermediate-risk patients, expanding access to the valves which the U.S. regulator approved in June 2015 for high-risk patients.

For the latest quarter, sales of Edwards's transcatheter heart valves, which are implanted with catheter tubes inserted through the arteries, climbed 37% to $367.8 million. According to FactSet, analysts had expected transcatheterheart-valve sales of $340 million. Meanwhile, underlying sales of transcatheter heart valves grew 38%.

Chairman and Chief Executive Michael A. Mussallem attributed the improved sales to strong growth in transcatheter heart valve procedures, as well as the U.S. launch of the Sapien 3 valve.

Over all, Edwards Lifesciences reported a profit of $143 million, or 66 cents a share, up from $123.4 million, or 56 cents a share, a year earlier. Excluding one-time items, per-share earnings rose to 71 cents from 57 cents. Revenue increased 18% to $697.3 million. Underlying sales, which exclude currency fluctuations and sales-return reserve impacts—grew 20%.

The company had projected per-share earnings of 64 cents to 70 cents and revenue of $640 million to $680 million.

Surgical heart valve sales edged down 0.5% to $195.9 million, though underlying sales improved slightly. Analysts had expected $189 million, according to FactSet.

Critical-care product sales grew 7% to $133.6 million. Analysts projected $125 million, according to FactSet. On an underlying basis, segment sales rose 9.1%.

Gross margin fell to 74.1% from 77%.

For the current quarter, the company forecast per-share earnings of 67 cents to 73 cents and sales of $700 million to $740 million. Analysts polled by Thomson Reuters most recently forecast per-share profit of 67 cents and revenue of $698 million.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

April 26, 2016 16:45 ET (20:45 GMT)

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